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Polyurethane Foam Market

Market Insights on Polyurethane Foam covering sales outlook, demand forecast & up-to-date key trends

Polyurethane Foam Market by Product Type (Rigid Foam, Flexible Foam, Spray Foam), Density (High Density, Low Density, Medium Density), Application (Sound Insulation, Heat Insulation, Electricity Installations, Industrial Roof Insulation, Sports Equipment, Automotive Interior and Others) End-Use Industry (Furniture and bedding, Construction, Electronics, Packaging, Footwear Automotive, and Others) & Region – Forecast to 2022 – 2032

Market Snapshot

According to Future Market Insights’ most recent market study, the global market for Polyurethane Foam is expected to reach US$ 49,340.3 Mn in 2022 and grow at a CAGR of 6.3% between 2022 and 2032.

Market Size 2022

US$ 49,340.3 Mn

Market Size 2032

US$ 90,893.8 Mn

Value CAGR (2022-2032)

6.3%

Collective Value Share: Top 3 Countries (2022E)

35% – 40%

A type of plastic or polymer is known as polyurethane is a part of a sizable and incredibly diversified family of polymers. Polyurethane foam is a solid or open-structured polyurethane material. The majority of polyurethane foam products are rigid or flexible. Polyurethane's utility is increased by its capacity to handle challenging situations and be shaped into unanticipated shapes. Polyurethane foam shields the goods because of its exceptional adhesive and dielectric properties. The polyurethane foam's resilience to abrasion, temperature change, moisture, impact, and weather. This lengthens the useful life of items made of polyurethane foam, supporting the market's explosive growth.

To maintain a constant temperature and reduce noise levels, thermal insulators like polyurethane foam are utilized in walls, roofs, doors, and windows. The polyurethane foam industry enables control of heat flow, air infiltration, and solar heating systems. The building's rigidity, robustness, and strength are all improved by the industrial roof insulation methods offered. The sport and leisure industries place a significant demand on polyurethane foam because of its low cost, hardness, adaptability, and lightweight.

There is a sizable and robust market demand for the product in the automotive industry. A wide range of automobile parts, including windows, interiors, doors, and car bodies, frequently use the chemical. The product's overall weight is decreased when it is utilized in automobiles, which enhances corrosion resistance, insulation, and fuel efficiency. Polyurethane foam usage has increased in both residential and commercial structures because of its high energy efficiency, low energy costs, and variety of insulations.

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Historical (2017-21) v/s Forecast (2022-32) Market Outlook for Polyurethane Foam

From 2017 to 2021, the market for Polyurethane Foam expanded at a compound annual growth rate (CAGR) of 5.7%. The polyurethane foam sector has faced enormous challenges as a result of the COVID-19 outbreak. The Polyurethane Foam Market has a detrimental effect on total growth when compared to other industries. Due to the COVID-19 pandemic's breakout, the world economy had slumped since the beginning of 2020. The production of the automobile industry is impacted by the COVID-19 outbreak.

Many manufacturing firms are either out of business or have insufficient production capacity. The pandemic's reduction in industrial activity has had a negative effect on the market for polyurethane foam. Engineers India Research Institute (EIRI) reports that the Indian automobile industry expanded by approximately 18% overall. The start of the Covid-19 outbreak and the continued lockdowns in India and the rest of the world made the situation worse. Therefore, the decline in demand from the automobile sector was responsible for impeding the expansion of the polyurethane foam market.

The market for Polyurethane Foam is predicted to expand more swiftly than in the past. Over the anticipated timeframe, the market is expected to grow at a CAGR of 6.3%. The end-use markets' demand for polyurethane foam is rising quickly. A more practical and secure way to lessen carbon emissions and the effects of global warming is with polyurethane foam. This is the primary driver of the worldwide polyurethane foam market's expansion.

Due to less waste, increased recyclability, and improved product lifespan, polyurethane foam demand is rising rapidly. The use of polyurethane foam in construction, packaging, furniture, and footwear is also rising due to industrialization, which is fueling the global market.

Market Dynamics

Significant Market Traction from Automotive Industry

Polyurethane foam is in exceptionally high demand in the automotive industry. A wide range of automobile parts, including windows, interiors, doors, and car bodies, frequently use the chemical. The product's overall weight is decreased when it is utilized in automobiles, which enhances corrosion resistance, insulation, and fuel efficiency.

Global market expansion has been supported by the rise in demand for passenger cars, increased electrification of vehicles, and a growing desire to enhance vehicle performance. The demand for polyurethane foam is mostly driven by the ever-evolving lifestyle. The International Organization of Motor Vehicle Manufacturers estimates that in 2020, passenger vehicle sales will total US$711 billion worldwide. As a result, the global market for polyurethane foam will continue to be driven by its use in the automobile industry.

Thriving demand from the sports and leisure industry to augment the growth for polyurethane foam

The sport and leisure industries place a significant demand on polyurethane foam because of its low cost, hardness, adaptability, and lightweight. Motorcycle and bicycle helmet liners are made of polyurethane materials to provide cushioning and shock absorption. It is used in the production of head and other body part protection gear for athletes. The thing is also widely used as padding for sports mats for martial arts, wrestling, and gymnastics. Rugby post protectors and tackle shields are two devices on the market that use low to medium-density high-load-bearing materials to provide mechanical damping of unexpected hits.

The U.S. Bureau of Labour Statistics reports that Americans spend 5.5 hours on average each day engaging in sports and leisure activities in 2020. As a result, the market for polyurethane foam will continue to be driven by rising demand for sporting activities.

Stringent Government regulations to constraint the growth

The high cost of essential raw materials used to make polyurethane foams, such as methyl di-p-phenylene, toluene diisocyanate, and polymeric isocyanate, results in higher production costs for these foams. These elements make it difficult for the producers of polyurethane foam to keep their production costs under control. Thus, the growth of the polyurethane foam business is being constrained by stringent government regulations.

The greatest impediment to the expansion of the polyurethane foam sector is the stringent environmental regulations that the US Environmental Protection Agency (EPA) has established for new and existing plant sites that are engaged in the production of flexible polyurethane foams. Higher production costs for polyurethane foams are a result of the high cost of key raw ingredients required in their manufacturers, such as polymeric isocyanate, methyl di-p-phenylene, and toluene diisocyanate. These factors make it challenging for polyurethane foam manufacturers to keep their manufacturing costs in check. Thus, strict government rules are limiting the growth of the polyurethane foam industry.

Nikhil Kaitwade
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Category-wise Insights

How does the Low-density segment fairing in the Polyurethane foam market?

Low-density polyurethane foam makes up a sizable component of the polyurethane foam market. Low-density polyethylene foam has a wide variety of uses since it has so many beneficial characteristics, including buoyancy, chemical resistance, energy absorption, water resistance, and cushioning capabilities. Low-density polyurethane foam is used in a wide range of industries, including automotive, furniture, footwear, and electronics, because of its increased versatility.

This foam is commonly used in footwear and furniture due to its density, stiffness, durability, and quality. It is also utilized in footwear as a basis that is both supportive and comfy. The footwear business in India, which contributes over 2% of the GDP and employs 2 million people, is one of the largest employers in the nation. The footwear market had a value of US$10.6 billion in 2019; by 2024, it is expected to grow to US$15.5 billion.

Over 58 percent of the nation's retail footwear market is made up of men's shoes, which dominates the Indian footwear business. Because of this, the need for polyurethane foam in the footwear sector will continue to grow.

How does the market for polyurethane foam benefit from the building and construction application segment?

The market for polyurethane foam was dominated by the building and construction sector. Due to its high strength-to-weight ratio, insulating capabilities, durability, and adaptability, polyurethane foam is utilized in buildings to reduce energy consumption. Wide-ranging uses of polyurethane foam in this market include walls, roofs, front doors, and garage doors because it adds architectural flexibility and improves energy efficiency.

According to the Ministry of Housing & Urban Affairs, India's GDP from construction increased to US$31.53 billion in the third quarter of 2021 from US$28.9 billion in the second quarter. Therefore, during the projection period, the use of polyurethane foam in building and construction would support market growth.

Country-wise insights

What Is the Growth Outlook of the Polyurethane Foam Market in China?

The market for polyurethane foam is predicted to grow at the fastest rate during the forecast period in China. It is projected that factors like rising demand for polyurethane foams across a range of industries and the growing presence of foreign companies dealing in polyurethane foams will drive the polyurethane foams market in China. The land is easily accessible in this area, and skilled labour is available for a reasonable price.

In addition, China is home to several rapidly growing industries that offer significant expansion opportunities for PU foam manufacturers. Flexible foam is used as an insulator in both consumer and industrial goods such as furniture, mattresses, carpet cushions, fibers, and textiles. As a result, the market for polyurethane foam will continue to be driven by China's growing need.

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Competitive Landscape

Market participants are spending globally to improve their Polyurethane Foam production capacity to meet the growing needs of end consumers. The numerous technological innovations and the increasing growth attempts of the top competitors through strategic alliances, Mergers, and agreements have opened up a wide range of market prospects.

Further, participants are exerting great effort to create and launch cutting-edge technological innovations to stay ahead of the competition. All of these developments imply that the Polyurethane Foam market will have enormous growth potential internationally in the years to come.

For Instance,

In June 2021, Rogers Corporation announced the release of a product designed to meet the demand for high-performing materials that enable the production of thinner and lighter electronic devices. The guaranteed water-sealing qualities of the ultra-thin self-adhesive PORON AquaPro 37TS9 are available.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 6.3% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Million for Value, Volume in Tons, and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis

Segments Covered

  • Product Type
  • Density
  • Density
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

Key Countries Covered

  • US
  • Canada
  • Mexico
  • Brazil
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • ASEAN Countries
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Companies Profiled

  • The Dow Chemical Company
  • BASF SE
  • Bayer AG
  • Rogers Corporation
  • UFP Technologies, Inc.
  • Tosoh Corporation
  • Armacell GmbH
  • Foamcraft, Inc.
  • FoamPartner Group
  • Future Foam, Inc.
  • Nitto Denko Corporation
  • Eurofoam Group
  • Saint-Gobain
  • Woodbridge Group
  • Evonik Industries
  • LyondellBasell Industries
  • Sekisui Chemical Co. Ltd.

Customization & Pricing

Available upon Request

Polyurethane Foam Market Segmentation

By Product Type, the Polyurethane Foam Market is segmented as:

  • Rigid Foam
  • Flexible Foam
  • Spray Foam

By Density, Polyurethane Foam Market is segmented as:

  • High Density
  • Medium Density
  • Low Density

By Application, Polyurethane Foam Market is segmented as:

  • Sound Insulation
  • Heat Insulation
  • Electricity Installations
  • Industrial Roof Insulation
  • Sports Equipment
  • Automotive Interior

By End-Use Industry, Polyurethane Foam Market is segmented as:

  • Furniture and bedding
  • Construction
  • Electronics
  • Packaging
  • Footwear
  • Automotive
  • others

By Region, Polyurethane Foam Market is segmented as:

  • North America
  • Latin America
  • Europe
  • South Asia Pacific
  • East Asia
  • Middle East & Africa

Frequently Asked Questions

In 2022, the value of the global Polyurethane Foam market reached over US$ 49,340.3 Mn.

During the forecast period, the global Polyurethane Foam market is estimated to expand at a CAGR of 6.3% during 2022-2032.

The global Polyurethane Foam market is projected to reach US$ 90,893.8 Mn by the end of 2032.

The key players operating in the Polyurethane Foam market are The Dow Chemical Company, BASF SE, Bayer AG, Rogers Corporation, UFP Technologies, Inc., Tosoh Corporation, Armacell GmbH, Foamcraft, Inc., FoamPartner Group, Future Foam, Inc., Nitto Denko Corporation, Eurofoam Group, Saint-Gobain, Woodbridge Group, Evonik Industries, Evonik Industries, LyondellBasell Industries, Sekisui Chemical Co. Ltd. and various others.

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Nikhil Kaitwade
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